grrl_aex
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Jun 7, 2009 grrl_aex commented on Thinking Small.
A 1000sq.ft townhouse in Cap hill goes for ~2000. By taking the rent-a-hostel-room option he doubled the income from each of the six "townhomes" to avg. 4400/mo. The market price for efficiency apartments (including your own kitchen facilities) is ~600$ in Capitol Hill. Rental housing generally goes for about $2 sq.ft. he will be harvesting over $4.00/sq.ft. on this development. Nice trick. (Seattle Rentals reports Cap Hill avg rent lies between $1.25-1.75/sq.ft.)

Spelled out: the developer is charging twice the prevailing rate/sq.ft. for Cap Hill rentals generally. If he was primarily motivated to provide affordable housing at current market space/rates, rather than using zoning loopholes to enable him to simply double his rental income, the rental on these "hostel rooms" would be closer to 275/mo, not 550.

I see this is just another example of pure out & out developer exploitation marketed with a "friends of the poor" PR push. An irony is that if he DID rent these units for a much lower & fair price, the locals would likely be throwing *twice* the hissy fit they already are now. Basically, NPoorIMBY does sum it up. No matter how much the locals sugar coat their objections through parking issues, etc., it really all boils down to a class-based objection.
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